It seems there's an emerging trend where people want to end the holiday tradition of giving and receiving presents.

According to a study by SunTrust, almost 7 out of 10 people are in favor of skipping the gifts if their friends and family agree to it.

Instead most people surveyed say they would rather give and receive the gift of time. In other words, gatherings and parties over presents.

Many say the move would spare them some financial stress, while making the holidays more meaningful. The average consumer is expected to spend $637.67 on gifts this year, according to the National Retail Federation.